How Do You Set Prices?

Marketing strategy is planning in advance how you’re going to determine actions to take that will achieve your business objectives in the best way. Take pricing for example – a pricing strategy would guide you on why and how often you’d change pricing, how you’d price a new service, whether or not you’d participate in managed care, and how to set prices in general. You could base price on the amount of time for the procedure, or on the lab cost, or on insurance reimbursement maximums, or on competitive pricing, or on whether it’s a branded or generic service, or on how your buddies price. If you don’t have a strategy in place you become reactive rather than proactive, and your decisions will either lack consistency or rational support. Dental Wealth Partners can put you back in control with a rational approach to your pricing decisions.

Marketing strategy impacts everything you do to attract, interact with, and retain patients. No dentist would consider doing a complex restorative or orthodontic case without a specific plan, yet many neglect to plan how they’re going to operate a successful practice. The best dental practices have a strategic marketing plan that defines the strategies for what services are offered, how services are priced, what services are promoted and to whom, and how best to do the advertising and promotion that will optimize total return on investment in the practice – not just marketing spending.

Dental Wealth Partners can develop individual strategies for your practice, in areas such as pricing, services offered, patient acquisition and retention, sales/case acceptance, and premises. Better yet, the DWP Marketing StratPlan℠ combines strategies for all these areas, along with practice positioning/branding and recommended marketing tactics for each strategy. Each is customized to your practice situation.

Contacting us will likely be the best thing you ever did to grow your practice long-term!